Oil prices are on course for their largest weekly decline since January after the head of the Federal Reserve reignited recession fears.
The combined oil production of the OPEC+ group dropped in February by 80,000 barrels per day (bpd) as a small rise in Russia’s still resilient output failed to offset declines in Angola, Iraq, and Kazakhstan, according to the Platts survey by S&P Global Commodity Insights.
The Energy Minister, Dr Matthew Opoku Prempeh participating for the first time in the North Africa & Europe Energy & Hydrogen Exhibition & Conference (NAEPEC).
Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes.
Tullow Oil has forecast a capital expenditure (CAPEX) of c.$400Million in three African countries 2023.
The offshore oil and gas sector is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up. India has also lined up ambitious plans in this regard.
OPEC is once again the most influential force in global oil supply – and will be so for the foreseeable future – now that U.S. shale production growth is slowing, American industry executives say.
Crude oil prices moved up today after the U.S. Energy Information Administration estimated an inventory draw of 1.7 million barrels for the week to March 3.
Energy shortages could have a more significant impact on the economy than originally anticipated.
According to the IEA, carbon emissions rose by less than initially anticipated in 2022, a development that the Agency puts down to a large increase in clean energy projects.